Business Strategy: Concepts and Frameworks for Success

Business Strategy

INTRODUCTION
Business strategy is defined as sum of business decisions in which benefits to the
business is rendered by using different tactics and approaches in order to achieve overall
objectives. This is known as the master plan in which competitive edge can be attained by
organisation by involving their working personnel. This report is prepared so as to understand
various concepts of business and their propounded strategy in the background of M&S. M&S is a
multinational company which is a UK based retailer dealing in cloths, fashionable home ware,
food items and accessories. Within this report discussion of macro environment is drawn and
their impact over business strategies are enumerated. Some of the analytical framework has also
been included in this report so as to examine their influence over the business. Along with this
internal and external competencies of M&S with the help of applying various approaches such as
porter's five forces, SWOT analysis etc.
TASK 1
P1
Vision: The major vision of M&S is to enhance their global identity and to enhance their
performance as well so that national and international standards can be set b y them in prominent
manner.
Mission: M&S is mainly focused on achieving high end quality in their offerings so that
customer base and quality can be improvised in significant manner.
Objective: In the background of M&S they are willing to prominent market position
within food and clothing sector. This is helping the company to become striking brand in order to
deal with rivals in effective manner.
Strategy is categorised as the plan of action in which numerous actions can be taken by
manager in order to provide proficiency to the business of attaining organisational goals. This is
a basic path which is being precede by the company so that to intensify their performance and to
achieve high end results. By making robust strategy within business advantage over rival can be
received by which profits and market image can be improvised.

Various strategic planning techniques
 Benchmarking: This is defined as comparison between metrics of two rivals existing in
the same industry in order to recognise position and standard of the business within
marketplace (Hileman and Rauchs, 2017). As by this M&S can examine their market
position in respect of their performance in market. This is helpful for them in making
robust strategy in which broad profits can be attained by them.
 Business analysis: By examining business and internal activities in sufficient manner,
within this M&S is acknowledging their capabilities and weaknesses in which
appropriate decisions are taken by them in order to expand outcomes.
Different analytical framework to acknowledge macro environment
Stakeholder analysis
stakeholder analysis is defined as the process in which those persons are recognised those
are having direct implications from performance of the business. This analysis is helpful for
M&S in summing their stakeholders as in relation to their interest hold in the company. The
various steps of stakeholders analysis is explained as under:
Step 1: Identifying various stakeholders by making list of potential stakeholders. in the
background of Marks & Spencer their major stakeholders are customer, suppliers, employees,
government and shareholders.
Step 2: After listing them now M&S is required to prioritise them on the basis of their
interest and standard of participation as well.
 High power, high interest: These type of stakeholders are most significant for M&S and
helping them in promoting business actions in prominent manner.
 High power, low interest: These stakeholders are keeping low interest in the business
and their running projects (Eskerod and Larsen, 2018).
 Low power, high interest: Within this stakeholders are needed to be notified regarding
projects running within M&S so that they do not face any prominent problem.
 Low power, low interest: These type of stakeholders do not have high interest in the
business and they do not hold low power due to which their working get impacted.
Step 3: Within this step manager of M&S is communicating with various stakeholders as
according to the precedence so that objective can be attained in prominent manner.